Americans ditching predatory credit cards


We here at WalletPop read a lot of comments about how angry Americans are with their credit card companies. We read a lot of missives from people who claim that the combination of rate hikes, fee increases and credit-limit cuts are pushing them to cut up their cards and cancel the offending accounts. And we've wondered, from time to time, how many Americans really do that. How many really are mad as heck and decide not to take it anymore? And how many just succumb to the inertia of a busy life and the convenience of keeping the card?

A new survey from comScore clears up some of the mystery and confirms that Americans are, in fact, voting with their wallets. Consumers are protesting what they see as unfair treatment at the hands of their credit card companies. According to the survey, 9% of respondents have applied for a new card, while 8% have transferred a balance to a card with better terms. What's more, a whopping 39% say they've either stopped using a card that meted out draconian terms or closed the account entirely, while more than half -- 55% -- say they've stopped using cards that they feel penalize them.